§ 725.3. Regular membership.
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/us/cfr/t12/s§ 725.3·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)A natural person credit union may become a Regular member of the Facility by:
(1)Making application on a form approved by the Facility;
(2)Subscribing to capital stock of the Facility in an amount equal to one-half of 1 percent of the credit union's paid-in and unimpaired capital and surplus, as determined in accordance with § 725.5(b) of this part, and forwarding with its completed application funds equal to one-half of this stock subscription; and
(3)Furnishing the following reports and documents with the completed membership application:
(i)A copy of the credit union's financial and statistical report for the most recent calendar month; and
(ii)Copies of the credit union's charter and bylaws, unless the credit union is federally chartered.
(b)[Reserved] [44 FR 49437, Aug. 23, 1979, as amended at 47 FR 1371, Jan. 13, 1982; 84 FR 1608, Feb. 5, 2019; 85 FR 23735, Apr. 29, 2020]
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§ 725.3
Regular membership.
Fed. Reg.×6
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